Raphael Stevens

Brian and Quentin at Ranch Rider Spirits.Source: Ranch Rider SpiritsRanch Rider Spirits’ cocktail line is about as Texan as you can get.Built and bred in the vibrant heart of Austin, Texas, the canned cocktails are the tradecraft of co-founders Quentin Cantu and Brian Murphy. Ranch Rider Spirits offers four distinctly Texan craft cocktails void of preservatives and additives in simple 12-ounce cans.Cantu, a Texas-native, put in a 6-year stint in Washington, D.C., working in politics before leaving for the Lone Star State in 2016. Thirsting for a career change he enrolled at University of Texas McCombs Business School where he struck a friendship with Murphy.”I think that we were just really hungry to learn new skills outside of class and outside of our previous careers,” Cantu told CNBC. Equipped with the basics of business, Cantu and Murphy launched their first venture — a food truck that offered healthier options to the students on the sprawling UT campus.”We would leave at 6 a.m. in the morning, go buy food, cook that day and then head to class and do it all over again on very little sleep,” Cantu recounted, explaining that the two launched the business while completing a full-course load of UT’s demanding MBA program.As requests surged for the meals prepared aboard the affectionately dubbed “Ranch Hand” food truck, Cantu and Murphy expanded the business to include an offering of handmade cocktails.”I think we kind of hit a nerve,” Cantu explained of the relative quick success. “We satisfied a lot of unknown consumer demand for something that was not beer, but that also wasn’t spiked seltzer.”In order to keep up with demand, the two found themselves brainstorming ways they could continue to scale the happy accident of a potential booze business.”We didn’t want to just open a bar. We wanted to make sure that the product that we made could be enjoyed by everyone for an extended period of time,” Cantu told CNBC, adding that a canned product gave them flexibility to pursue e-commerce sales as well as deals with health-focused grocery stores like Whole Foods.Ranch Rider SpiritsSource: Ranch Rider SpiritsIn January 2020, with the grace of Austin angel investors, Cantu and Murphy launched their first cans onto the local market. Four months later, as the coronavirus pandemic raged and forced restaurants and bars to shut down, Cantu and Murphy saw demand skyrocket as patrons brought cocktail culture home.”Obviously people were quarantining at home and spending a lot more time online during the pandemic. And so, we really invested in digital marketing, something that we could both utilize from our previous careers before business school,” Cantu explained.Online sales of alcohol during the third week of March rose a tremendous 243%, according to Nielsen data published by Bloomberg.Data from IWSR and Nielsen indicated that merchants in the ready-to-drink sector saw an uptick in sales during the coronavirus pandemic, according to BevAlc Insights by alcohol e-commerce platform Drizly.For a 23-week period amid the coronavirus pandemic ending on August 8, the ready-to-drink sector saw a year-over-year growth in off-premise dollar sales of 86.8%, according to Nielsen. Before the coronavirus pandemic, the sector saw growth of 21.5% for a 52-week period ending February 29, according to data analyzed by Drizly.”If you think about the value proposition of a canned cocktail like Ranch Rider, if you go to the lake or the pool with friends and you want to drink a spirit-based cocktail, you don’t want to bring a glass bottle, you don’t want to bring ice, you don’t want to bring fresh limes and garnishes,” Cantu explained.Ranch Rider Spirits took the No. 2 spot on Drizly’s top-selling 2020 brands, outpacing ready-to-drink offerings from industry giants like Ketel One, 1800 Tequila, Jim Beam, and Cutwater Spirits.In their first year of business, Ranch Rider brought in approximately $4 million in revenue, nearly quadrupling their conservative forecasts.”A lot of our growth has been organic because we’ve placed an emphasis on slowly cultivating an audience, mostly in Texas, that appreciates the craftmanship of our product,” Cantu explained.Austin’s culture of craftRanch Rider SpiritsSource: Ranch Rider SpiritsThe funky, upbeat heart of Texas is home to the University of Texas, the annual SXSW (South by Southwest) technology conference, several art and music festivals and has become somewhat of a mecca for start-ups, outdrawing Silicon Valley in some respects.The city thrives on a vibrant patio culture fueled by food, drinks and live music.”The culture of Texas, and in Austin in particular, is a culture of craft,” explained Cantu. “There is a high premium and appreciation and respect for craftmanship here and we never wanted to loose sight of that value since it propelled our growth.”In order to maintain full fidelity of the production process, Cantu and Murphy built a 20,000 square foot facility about 40 minutes outside of Austin.”We felt that it was important to touch and feel everything that was going into our product. We didn’t want to outsource this process to someone else and I truly think that a lot of people in Austin really appreciate that attention to detail,” he added.’Actual citrus, actual spirits’Ranch Rider Spirits Co. canned cocktailsCourtesy of Ranch Rider SpiritsLast week, Ranch Rider Spirits debuted their fourth canned cocktail named “The Buck,” a Moscow Mule recipe made with six-times distilled vodka, fresh pressed organic ginger, fresh squeezed lime and sparkling water.”The Buck” contains 5.9% alcohol and 119 calories and follows on the heels of “Ranch Water,” a Reposado tequila-based cocktail with a splash of sparkling water and fresh-squeezed lime juice. The iconic West Texas cocktail, “The Chilton,” is where the fresh squeezed lemon juice shines alongside a sprinkle of sea salt and vodka.And rounding out the portfolio is the “Tequila Paloma,” where Reposado tequila, fresh-squeeze grapefruit, lime, orange and sparkling water coalesce.”We have this printed on the label of each can, but we keep it stupid simple. We use actual citrus, actual spirits, no additives, no preservatives, no sugar content whatsoever,” explained Cantu. “It tastes fresh because it’s not artificial, not manufactured in lab,” he added. More

People crowd outdoor dining at a restaurant as coronavirus disease (COVID-19) restrictions are eased in Ann Arbor, Michigan, U.S., April 4, 2021.Emily Elconin | ReutersCovid cases in the U.S. have dropped to their lowest level since June as the nation prepares for Memorial Day weekend, the unofficial start of the summer travel season.The seven-day average of new infections is about 26,000 as of Sunday, according to data compiled by Johns Hopkins University. That is the lowest number since June of last year. The decline of cases is a hopeful sign, especially as many Americans plan to travel, spend days at the beach and gather with friends and family over the summer. It is the latest in a series of milestones that signal a reopening economy and a gradual return to a more typical way of life.Cases of Covid have fallen as more people across the country get vaccinated. About 49% of the U.S. population has received at least one shot of a vaccine, and 39% of the population is fully vaccinated as of Saturday, according to data from the Centers for Disease Control and Prevention. Of those age 18 and older, 61% are at least partially vaccinated, according to the CDC.Retailers, including Target, Walmart and Macy’s said this week that consumers’ purchases reflect that people are becoming more mobile and social again. They said a growing number of customers have returned to stores to browse or bought merchandise they previously skipped over, from new outfits to from teeth whitener.The CDC’s new public health recommendations also ushered in change earlier this month for Americans who had been wearing masks for months. The federal agency said people who are fully vaccinated do not need to cover their face in most indoor and outdoor settings. That prompted many retailers and some states, including New York, to drop mask requirements for those vaccinated and align with the new policy. More

Passengers wearing face masks as a preventive measure against the spread of Covid-19 are seen on an escalator at Orlando International Airport.Paul Hennessy | LightRocket | Getty ImagesThe number of people traveling again is on the rise. So are prices.Airfares and hotel rates are climbing as travelers return in the highest numbers since the pandemic began, hitting beaches, mountains and visiting friends and family after a year of being cooped up. Even the cost of a road trip is climbing as gasoline prices reach the highest levels since 2014.The rock-bottom fares hit during the depths of the pandemic were largely in the rearview mirror earlier this spring. Now airlines and hotels are gearing up for a bustling summer, and a rise in bookings is driving up prices even more. Add to that airlines are not flying as much as they did pre-pandemic, so travelers can expect some full flights ahead.Domestic U.S. fares are up 9% since April 1 while international fares are up 17%, according to research from Bernstein published this week. And fares are continuing to rise.”For domestic travel, the June line is closest as it has ever been this past year to the prepandemic values,” the report said.Southwest Airlines this week said leisure fares are approaching 2019 levels.Many travelers, like Diana Desierto, are eager to visit friends and family they haven’t seen in months.The 40-year-old, speech pathologist who lives in Baltimore, hasn’t seen her parents, sister, brother-in-law and nephews in Oakland, Calif., or her brother, sister-in-law and a niece and a nephew in Seattle since Christmas 2019.”I have a 12-year-old nephew who had a crazy growth spurt,” she said. “Last time I saw him he was little. And [now] his voice is low.”Desierto paid $344 for a one-way trip to Seattle and a connecting flight to Oakland in July. She used Southwest frequent flyer miles for the trip home. She said the west-bound fare was roughly in line with prices she had been used to for years though she briefly thought that “maybe no one’s flying and it would be cheaper.”Further helping boost fares is that airlines are reinstating the strict rules on their more inflexible and cheapest fares, known as basic economy, according to Samuel Engel, head of the aviation practice at consulting firm ICF. Airlines executives have said they hope travelers avoid such fares and buy standard coach tickets, which are more expensive.Airlines lifted the rules in the pandemic to get desperately needed travelers on board as carriers faced record losses.”Relaxing the rules in basic economy, I’m basically giving you a $30-$50 discount,” Engel said. “The intention of basic is not to sell basic economy; it’s to bring you in the door and make you realize you don’t want it.”Zoom In IconArrows pointing outwardsAnother thing driving up the cost of a trip is that more attractions like theme parks are reopening. Covid-era capacity restrictions and even masking guidelines (except during air, rail and bus travel), are lifting as well.Destinations that for about a year had less to offer visitors than normal. Airline executives say beach, mountain and other outdoor destinations have been popular with travelers and continue to be important.The price of a hotel in some popular destinations are even higher than before the pandemic.Hotel rates in Cancun, Mexico were about $205 a night in early May, according to hotel data provider STR. That’s up from just $45 a year ago and $160 in 2019. In Hawaii, it was about $269, up from $122 last year and $263 the year before.But with more reopening, other cities are recovering. Orlando hotel rates in early May were $107 a night, up from $62 last year but still below the $133 in 2019.Even New York City, which is planning to reopen Broadway theaters in September and is now offering indoor dining, is recovering. Rooms, which were going for $123 a night last year, rose to $151 in early May — still well below the nightly rate of $269 in 2019. STR expects New York City room rates to rise to an average of $163 a night for June through August.Fares and hotel rates are still largely below 2019 levels because business and most international travel is largely absent. That will keep a lid on prices going forward.Zoom In IconArrows pointing outwardsSome travelers have other concerns beside price: crowds.Tom Snitzer, 64, a retired real estate developer and currently a professional nature photographer based in the Chicago suburb of Arlington Heights, said he recently flew to Atlanta for his son’s graduation from medical school.He said it took 40 minutes to get through airport security. The Transportation Security Administration is racing to hire more screeners before the busy summer travel season.”Everyone is packed in like sardines,” he said.Snitzer said his travel plans are flexible but that he plans to avoid big tourist attractions, including popular national parks.”Everyone in the world has been cooped up,” he said. “The biggest trick is to avoid everybody else, find off-the-grid spots so we don’t get trampled by tourists.”–CNBC’s Nate Rattner contributed to this story. More

VSS Unity fires its rocket engine shortly after launching on its third spaceflight on May 22, 2021.Virgin GalacticVirgin Galactic took a step closer to completing development of its space tourism system on Saturday, successfully flying its first spaceflight in more than two years.The company’s spacecraft, named VSS Unity, was carried up to an altitude of about 44,000 feet by a carrier aircraft called VMS Eve. The aircraft then released the spacecraft, which fired its rocket engine and accelerated to more than three times the speed of sound.After performing a slow backflip in microgravity at the edge of space – reaching an altitude of 89.2 kilometers, or about 293,000 feet – Unity returned through the atmosphere in a glide. The spacecraft landed back at the runway of Spaceport America in New Mexico that it took off from earlier.”It was flawless,” Virgin Galactic CEO Michael Colglazier told CNBC about the flight.Pilots C.J. Sturckow and Dave Mackay flew Unity. The pair have previously flown to space, as well as fellow Virgin Galactic pilots Michael “Sooch” Masucci and Mark Stucky and chief astronaut trainer Beth Moses, who have each been given astronaut wings after the company’s first two spaceflights.The U.S. officially consider pilots who have flown above 80 kilometers to be astronauts. Virgin Galactic pilots walk to the company’s SpaceShipTwo Unity spacecraft, attached to the jet carrier aircraft Eve.Virgin GalacticVirgin Galactic’s spacecraft Unity is designed to hold up to six passengers along with the two pilots. The company has about 600 reservations for tickets on future flights, sold at prices between $200,000 and $250,000 each.The spaceflight is the company’s first since February 2019, its first in New Mexico, and its third to date. Virgin Galactic flew two spaceflight tests from its development facility in California’s Mojave Desert, before moving to its operational base at Spaceport America.Virgin Galactic founder Sir Richard Branson was personally in attendance at the spaceport to watch the flight. Watching alongside him was former New Mexico governor Bill Richardson – who helped establish the $218.5 million Spaceport America as the company’s base of operations – and current governor Governor Lujan Grisham.Board director Adam Bain, who helped take Virgin Galactic public alongside chairman Chamath Palihapitiya, was also at Spaceport America to see the flight. Palihapitiya was not in attendance, but praised the company’s “relentless commitment” in a statement to CNBC.”Congratulations to the entire Virgin Galactic team on crossing yet another important milestone,” Palihapitiya said.The company has two remaining Federal Aviation Administration milestones it needs to clear to receive a key license for conducting regular spaceflights. Colglazier said the data collected on the flight “looks solid” and will be sent to the FAA soon.”We look forward to them having a chance to review the data,” Colglazier said.Unity also carried three NASA-funded scientific research payloads on this mission, under the agency’s Flight Opportunities program. Colglazier noted that the payloads generated revenue for the company, which expects to disclose the total amount during its second quarter financial report. Shares of Virgin Galactic climbed 22% over the past two days of trading after the company announced plans for the spaceflight test, avoiding a possible maintenance issue that threatened to delay the flight.The spaceflight is one of four remaining for Virgin Galactic to finish development of its SpaceShipTwo rocket system. The second spaceflight test will carry four passengers to test the spacecraft’s cabin, while the third test is planned to fly founder Sir Richard Branson.VSS Unity floats in microgravity at the edge of space during its third spaceflight on May 22, 2021.Virgin GalacticThe company’s test flight program has been delayed substantially over the past few months. Saturday’s spaceflight was a redo of a December attempt that was cut short by an an electromagnetic interference issue, and the company’s promised beginning of commercial service has been pushed back from mid-2020 to early 2022.Colglazier said Virgin Galactic feels “great about the solutions that we had done to squash the electromagnetic interference problem,” and a new digital flight controller recently added worked well – another “checkbox” for the company’s priorities with this flight, he said.Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

Head Coach Quin Snyder of Team LeBron coaches during the 70th NBA All Star Game as part of 2021 NBA All Star Weekend on March 7, 2021 at State Farm Arena in Atlanta, Georgia.Jesse D. Garrabrant | National Basketball Association | Getty ImagesLuceo Sports, a software company that digitizes and animates sports playbooks, is seeking investors to expand operations. The company is based in Arizona and already has agreements with pro basketball clubs that use the product.In an interview with CNBC, Andy Graham, founder and CEO of Luceo, said he’s seeking approximately $5 million to invest in sales and marketing. Luceo’s software allows teams to insert their playbooks and terminology and then transforms drawings into motion graphics.”It makes it into a play-animation, so you get that sequence and timing instead of just a picture,” Graham said.He added Luceo could help younger athletes learn playbooks faster, and teams can also distribute them to newly acquired players. So, for example, if a National Basketball Association team makes a mid-season trade, a team that uses Luceo can quickly create a login and give the player access to digital playbooks.”We are focused on the teaching aspect of the game,” Graham said. “And we’re remembering that coaches are teachers and trying to give them good education tech so they can create explanations to reach today’s digital learners.”The Rosetta Stone of sportsGraham, 37, launched Luceo in 2016 after spending time with data analytics firm Synergy Sports and software company FastModel, which also makes money via digitizing pro playbooks. He departed FastModel in 2014 after identifying a void in the market.”I realized how much tech had advanced in those years (working at FastModel), and I wanted to be a part of all that,” Graham said. “Ed-tech, that is a market that has exploded over the last couple of decades, and sports at all levels is just a learning and development activity.”Zoom In IconArrows pointing outwardsLuceo SportsLuceo SportsLuceo is a software as a service business, and the company makes money from fees associated with subscriptions, add-on services and transaction fees. Subscriptions run as low as $2 per month for users, while the top-tier professional package is $15 per month. The program has an app, but signups are only available via its website to avoid the fees Apple takes from digital subscriptions.Asked about subscribers, Graham declined to reveal specifics but added roughly 150,000 people are in the company’s “ecosystem.” Hence, people that are aware of and have access to Luceo. The company has agreements with 11 NBA clubs, including the top-seeded Utah Jazz and three college teams.Graham did not divulge revenue, either. He said pro clubs usually sign yearly deals, adding Luceo is targeting everyday consumers with subscription prices. The plan is to lure Generation Z users (ages 6 to 24) and their parents as this demographic grows up in a more digitized learning environment. One of the features Graham highlighted is a decision-making-type game within the program. The activity allows athletes to practice what to do in critical game situations based on a team’s playbook.Graham called Luceo the Rosetta Stone — a popular language learning software — of sports.”The most comprehensive digital learning platform for sports,” he said. “The more kids that feel like they understand the sport, or that fans understand it, or parents, the more likely they are to engagement more heavily.”Targeting the NFLWhile at Synergy, Graham said he enhanced his product design and business development skillset, adding the learnings are “foundational to what I’m thinking about now.” The teachings will be essential for Luceo, as competition is fierce. According to Grand View Research, the ed-tech market is forecasted to reach $377 billion by 2028. And again, FastModel is a competitor and already used by plenty of basketball scouts.The National Football League could help with Luceo’s future growth. Luceo is positioning itself to target pro football clubs with its software and currently working on digitized and animated football playbooks. Graham said he’ll start small, though, pursuing high schools and college programs first.Andrew Graham, Luceo SportsSource: Luceo Sports”That’s where we’re going,” Graham said of eventually chasing NFL business.Luceo is gaining traction in sports and has been featured on NBATV. Sacramento Kings assistant head coach Alvin Gentry is also a supporter of the software. But to take the next step, Graham will need to convince investors of Luceo’s potential. It won’t be easy, but Graham says it’s part of the “fun challenge” of operating a business.When challenged to provide a quick pitch about Luceo, Graham said: “I already built a business that teams in the NBA and NCAA are using twice over. (Luceo) started small and has grown over the last five years to this point,” he added. “But I’ve got confidence in what the market needs. I know how this business works.” More

In this photo illustration, a message saying “COVID-19 PCR test result has been verified, of Travel Pass app mobile application by IATA (International Air Transport Association) seen displayed on a smartphone screen in front of IATA logo.Pavlo Gonchar | LightRocket | Getty ImagesItaly, Iceland, Greece and Spain now allow or are opening their borders to people who’ve been vaccinated or who recently tested negative for Covid-19. The European Union has agreed to open its borders to more vaccinated tourists, including from the U.S.The question is: How will individuals prove their vaccine or Covid status?As of Wednesday, almost half of the total U.S. population had received at least one Covid-19 vaccine dose. New Covid infections in the country continue to drop. As of Thursday, the seven-day average of daily new Covid infections is at its lowest level since June 22, according to data compiled by Johns Hopkins University.That trend is helping people return to pre-pandemic activities — from concerts to indoor dining to live sporting events and even international travel. Vaccinated people no longer need to wear masks or physically distance indoors or out, the Centers for Disease Control and Prevention said earlier this month.Retailers like Walmart and Costco and hotel chains including Hyatt dropped their mask requirements for vaccinated customers this month, unless it’s required in local rules. U.S. officials have said they are largely relying on people being honest about their vaccine status, and retailers and hotel chains have said they don’t plan to check for a proof of a vaccine.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:As Covid mutations spread, will herd immunity ever be possible?     White House partners with popular dating apps like Tinder and Bumble to raise vaccine awareness  U.S. is recording fewer than 30,000 daily new Covid cases for the first time in nearly a year   Singapore orders Facebook, Twitter to correct false claims on a ‘new’ Covid variantCDC chief says lab-based origin of Covid possible but animal host is most commonEmergent CEO says FDA is holding over 100 million J&J Covid vaccine doses for further testing after botched doses Employees at plant that ruined millions of J&J Covid vaccine doses failed to shower, change clothes60% of U.S. adults have received at least one vaccine dose as case counts fall further India’s daily death toll crosses 4,500 as Covid-19 cases stay below 300,000 Officials in charge of overseeing international travel require more than the honor system. Federal officials require U.S.-bound international travelers, including U.S. citizens, to show proof of a negative Covid test result to board flights.A spokeswoman for the Department of Homeland Security said DHS officials don’t check passengers’ Covid test results upon entry but — that is up to the airlines.As airlines like United, Delta and American ramp up trans-Atlantic service, they are encouraging travelers to upload health documents online.The travel industry has urged the Biden administration to create a set of standards for digital health credentials in an effort to lift travel restrictions that have devastated demand for leisure and business trips abroad for more than a year. The administration has said it will leave the task of developing digital health credentials up to the private sector. Federal officials also said they don’t intend to keep a database of vaccination records; that will be left to states.Enter digital health apps. Sometimes referred to as vaccine passports, several of these platforms are already in development and some in use, including partnerships with airlines and local governments.Here is where things stand on vaccine passports in the U.S.:What is a health passport?Digital health passports — also called vaccine passports — are platforms for smartphones that allow access to an individual’s health data, such as Covid test results or vaccination status. Israel and Denmark have already made platforms available and other countries are working on their own.When individuals are vaccinated in the U.S., they are given proof in the form of a CDC-issued card. Airlines, which don’t want staff to have another piece of traveler information to check, are eyeing digitized versions that could easily be scanned.Do I need one?The health passports are not mandatory but might become more useful as more countries and attractions reopen.Countries that have recently opened or plan to open their borders to foreign tourists like Iceland and Greece say travelers must show proof that they are vaccinated against Covid-19 or proof of a recent negative Covid-19 test.But so far, digital health certificates are not required.”Certificates may be in paper or electronic format,” Sveinn Gudmarsson, communications director at Iceland’s Ministry for Foreign Affairs, said by email. “Border control will evaluate whether a certificate is valid and will consult a representative of the Chief Epidemiologist [health care worker] as needed.”The U.S. since January has required all inbound travelers from abroad, including citizens, to show proof of a negative Covid-19 test, even if they are vaccinated.In California, venues can allow more people in if the establishment verifies that they have been vaccinated.Who makes them?There are several platforms already out there. IBM has developed New York State’s Excelsior Pass, which was tested at a New York Nets game in February. The app uses blockchain to communicate with state vaccination records or with health providers. The display shows a simple go or no-go sign, not the actual test result.The International Air Transport Association, a trade group that represents nearly 300 airlines worldwide, has rolled out its own digital health passport. Singapore started accepting Covid-19 test results on that platform this month.Some airlines like JetBlue Airways have announced trials of another digital health passport by The Commons Project Foundation, which is called Common Pass.United Airlines recently said it would expand its own app to allow travelers to book Covid-19 test appointments online, results of which will upload automatically and let customers know whether they can travel to their destination.The European Union and Israel are developing their own digital health certificates.Why are they controversial?Digital health certificates have drummed up concerns over how secure customers’ data will be with third-party apps communicating with databases containing sensitive health information. It has also raised concerns about inequality, since the platforms mainly work on individuals’ smartphones.The governors of Florida, Texas and Arizona have moved to stop businesses from requiring proof of vaccination from customers. Arizona Gov. Doug Ducey signed an executive order last month that bans these certificates as a requirement to receive services and said that vaccinations are the choice of individuals not the government.Even the World Health Organization said it is against requiring proof of a vaccine to enter another country “given the limited (although growing) evidence about the performance of vaccines in reducing transmission and the persistent inequity in the global vaccine distribution.”Will I need to verify vaccination forever?That is still unclear, just as it’s not clear when other Covid-era rules like masks on planes or public transportation will last. Even the travel industry, one of the most devastated by the pandemic, has its reservations.Willie Walsh, former CEO of British Airways’ parent International Consolidated Airlines Group, and current director-general of IATA, has said he doesn’t want proof of vaccines to become a permanent fixture.”These are measures that may be necessary as temporary arrangements while we go through this crisis, but once we’re through it, we want to see these restrictions permanently removed so people can get back to traveling as they experienced back in 2019,” he said earlier this month.-CNBC’s Nate Rattner contributed to this article. More